Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) on Sunday announced that it has signed a debt-restructuring agreement with a six-bank consortium.

The lenders comprised of Alawwal Bank, Arab National Bank, Banque Saudi Fransi, Riyad Bank and the Saudi British Bank, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

Under the deal, the credit facility tenure will be extended until 30 April of 2019 instead of 31 October of 2018.

The company works on restructuring total debts of SAR 268.9 million, the statement said. 

The Saudi-based firm affirmed that no third parties are included and it will duly unveil the related positive impact.

In May, the firm extended a sharia-compliant credit facility agreement with Alawwal Bank and other Saudi lenders.

By 11:22 am Saudi time, MESC’s stock rose 0.97% at SAR 12.52.